The intelligencer. [volume] (Lexington, Mo.) 1887-1891, 1887-12-10
THE PRESIDENTS MESSAGE.

/ Ntltl'1I Va M
imperstivelv demands immediate anC
careful consideration.
The amount OF money annually ex
acted through the operations OF presen
laws from the industries and necessi
ties of the people largely exceeds TIT
sum necessary to meet the expenses o
the government.
INDEFENS!BLE
When we consider that the theory o
our institutions guarantees TO every
citizen the iuil enjoyment OF all thu
fruits of his industry and enterprise
with only such deduction as may be iii
share toward the careful and economic
cal maintenance of the government
which protects him. it is plain that thu
exaction of more than this is indefensi
Bile extortion, and a culpable betraya
of American fairness and justice. ThiI
wrong inflicted upon those who beal
the burden of national taxation, Iii
other wrongs, multiplies a rood o
evil consequences. The public treasury
which should only exist as a condni
conveying the peoples tribute to 1T
legitimate objects of expenditure, be
comes a hoarding-place for money need
lessly withdrawn from trade and thu
peoples use, thus Gripping u nation
al energies, suspending our country
development, preventing investment il
productive enterprises, threatening
financial disturbance and inviting
schemes of public plumber.
PREsAGING FINANCIAL DISASTER.
This condition OF Onr treasury is no
alkorotlo, pcu aud ~ hos fnnro thar
once Of late been submitted to the PEG
pies representatives in the congress
who alone can apply a remedy. AND
yet the situation still continues, will
aggravated incidents, more than eve
presaging financial CONFUSION ant
wide spread disaster.
1t will not do TO neglect this situa
lion because its dangers are not now
palpably imminent and apparent. They
exist none the less certainly, and await
the unforeseen and unexpected occasion
when suddenly they will be precipitat'
ed upon us.
EXCESS OF REVENUE.
On the 30!h day of June, 1885, the
excess of over public expen'
ditures, after complying with the an
mual requirement of the sinking fund
act, was ST., S59,735 81; daring the
year ended June 80, 1886, such excess
amounted to S49, 405, 545 20; and dur.
ing the year ended June 30, 1887, II
reached the sum of S55 ,567 $40 81.
The annual contributions to the sink
ing fund during the three years above
specified, amounted III the aggregate to
SIS, O5S, 800 "a and deducted from the
surplus as stated, were made by calling
in for that purpose outstanding 3 per
cent. bonds of the government.
THE CALLS Fol BONDS.
During the six months prior to June
80, 1887, the surplus revenue had
grown so large by repeated accumula-
tons that it was feared the withdrawal
of this great sum of money needed by
the people would so affect the business
of the country, that the sum of 49,
1854, 100 of such surplus was applied to
the payment of the principal and inter-
est of the 3 per cent. bonds still out
standing and which were then payable
at the option of The government. The
precarious condition of financial af-
fairs among the people still needing re-
lief, Immediately after the 30th day OF
June, 1887, the remainder of the 3 per
cent. bonds then outstanding, amount
ing with principal and interest to the
sum of SlS,S77 800, were called in and
applied to the sinking-fund cOntribu-
ton for the current fiscal year. Not
withstanding these operations of the
treasury department., representations
of distress in business circles not only
continued, but increased. and absolute
peril seemed at hand. In these cir
cumstances the contribution TO the
sinking fund for the current fiscal year
was at once completed by the expendi-
tnre of 1926 ,684. 2SS SO in the purchase
OF government bonds lot yet due bear
ing 1 and Al per cent. interest, the
premium paid thereon averaging about
"a per cent. for the former and s per
cent. for the latter. In addition to this
the interest accruing during the cur
rent year upon the outstanding bonded
Indebtedness of the government was to
some extent anticipated, and banks Sc
lected as repositories of public money
were permitted 10 somewhat increase
their deposits.
AsURPLUs OF $40, 600. 0OO.
While the eXpedients thus employed,
to release to the people the money
lying idle in the treasury, served TO
avert immediate danger, our surplus
revenues have continued 10 accumulate,
h excess for the present year amount
ing Oh the LIST day of December to $55,-
25S, 701 10, and estimated to reach the
sum of S113, 900 900 on the 30th day of
June next, at which date it is expected
that this sum-, added to prior accumu-
lations will swell the surplus in the
treasury to $40, 600 900.
There seems to be no assurance that,
with such a withdrawal from use Of the
peoples circulating medium, our busl-
ness community may not i'll the near
future be subjected to the same distress
which was quite lately produced from
the same cause:: And while The func-
lions OF our national treasury should
be few and simple, anu while its best
condition would be reached, | believe,
by its entire disconnec,ion with private
business interests, yet when, by a per-
version OF it's purpose, it idly holds
money uselessly subtractcd from the
channels OF trade, there seems 10 be
reason for the claim that some legi,i-
mate means should be devised by the
government 10 restore in all emergen-
cy, without waste or extravaganza,
such money TO its place among the peu-
pie.
II such an emergency arises there
now exists X clear aud ~undonbted cX-
eCptIve pc w OF relief. Heretofore
the redemption OF 3 per cent. bonds,
which were payable at the option of
the government, has atiorde.i Il means
for the disbursement OF the excess o.
II revenues; but these bonds have al:
been retired, and there are 40 bonds
Outstanding the payment. OF which we
have the right to insist upon. The con
tribuiion TO the sinking fund, which
furnishes the occasion ior expenditure
in the purchase OF bonds, has already
been made for the current wear, so that
there Is 30 outlet in that direction.
~ExEcUTIgE POWER.
III the present state OF legislation the
only pretense OF any existing executive
power 10 restore, at this time. any part
OF u surplus revenues 10 the peoule
by its expenditure consists in The sup
position that the secretary OF tLa treas
uiy may enter the market and purchase
the bonds nt the government not vet
due, al a rate ot premium to be agreed
upon.
The only provision oflaW iron. ~liich
such Z pow er could be derived is found
in an appropriation bill passed a number
OF years ago; and il is subject TO the
suspicion that ii was intended 10 be
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